Covenant Logistics Group, Inc. (NASDAQ:CVLG) Sees Large Growth in Short Interest

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 94,700 shares, a growth of 13.8% from the May 31st total of 83,200 shares. Based on an average daily trading volume, of 63,200 shares, the short-interest ratio is currently 1.5 days. Currently, 1.2% of the shares of the company are sold short.

Covenant Logistics Group Stock Performance

NASDAQ:CVLG traded up $0.07 during trading hours on Wednesday, reaching $49.12. The company had a trading volume of 9,449 shares, compared to its average volume of 67,518. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.01. Covenant Logistics Group has a 1-year low of $38.25 and a 1-year high of $57.57. The business’s 50 day moving average price is $47.00 and its 200-day moving average price is $47.10. The firm has a market cap of $642.00 million, a PE ratio of 15.72 and a beta of 1.38.

Covenant Logistics Group (NASDAQ:CVLG) last posted its earnings results on Wednesday, April 24th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. The firm had revenue of $278.76 million during the quarter. Covenant Logistics Group had a net margin of 3.82% and a return on equity of 14.16%. Research analysts forecast that Covenant Logistics Group will post 4.12 EPS for the current year.

Covenant Logistics Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Friday, June 7th. Covenant Logistics Group’s payout ratio is currently 14.10%.

Insider Buying and Selling at Covenant Logistics Group

In other news, Director D Michael Kramer sold 3,725 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $46.64, for a total value of $173,734.00. Following the sale, the director now owns 11,285 shares in the company, valued at $526,332.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 36.50% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently modified their holdings of the business. EMC Capital Management purchased a new position in Covenant Logistics Group during the first quarter worth approximately $149,000. Allspring Global Investments Holdings LLC lifted its position in shares of Covenant Logistics Group by 132.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock valued at $193,000 after buying an additional 2,368 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Covenant Logistics Group in the 4th quarter valued at $221,000. Price T Rowe Associates Inc. MD increased its holdings in Covenant Logistics Group by 7.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock worth $301,000 after acquiring an additional 442 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new position in Covenant Logistics Group during the first quarter worth $304,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

About Covenant Logistics Group

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.